Cardano network hits new success with 5 million addresses in the network.
The Cardano network has reached a new milestone of more than five million addresses on the network, an increase of 48% to date. The strong increase in the number of users is associated with the increasing number of dApps and solutions in the network and indicates the fundamental growth of the network.
In March 2021, the number of addresses on the Cardano network was around 2.6 million. By comparing both TVL and owner count metric, we can clearly see the increase in address count with the launch of smart contract technology for Cardano. Thanks to the high demand for decentralized finance, Cardano could get a “second wind” in terms of development and core growth.
After the release of new technology powered by Cardano, ADA has increased by almost 200% in about a month. However, the impact of the announcement on the price was mostly speculative, making ADA an overbought asset. As the imbalance between sell and buy orders emerged, the market was unable to meet the selling pressure that caused the asset to plunge to new lows.
Since the announcement of smart contracts, ADA has dropped over 70%. But with the growing number of decentralized solutions and applications on the network, upswings are possible.
At the time of writing, ADA was trading at $1.14.
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